07.08.2021 News

Binance Introduces Restrictions For Hong Kong Customers

Binance has decided to restrict derivatives trading for Hong Kong customers. Before that, Europe fell under the restrictions. Residents of Germany, Italy and the Netherlands can no longer open new accounts for derivatives trading.

This announcement appeared on the site’s website on August 6. Binance made it possible for users to close their open positions within 90 days. During this period, no new positions can be opened.

“New Binance users from Hong Kong can no longer open futures accounts and we will wind-down access for existing users.

This is one of many proactive measures Binance is taking to help establish crypto compliance best practices worldwide, ”CEO Changpeng Zha tweeted.

Most of the users decided that this was due to the crackdown on cryptocurrency in China.

Recently, more and more countries are targeting the platform and imposing restrictions, believing that Binance is offering illegal transactions.

In Malaysia, the Securities Commission issued a notice stating that the site should suspend its activities in the country. She has 14 days to do this, starting on July 26th. In addition, the ban includes the termination of promotional mailings to Malaysian customers. The SC also wants to close access to Binance’s Telegram channel.

The platform is trying to streamline the workflow by removing high-risk services. But there are more and more bans on work in countries. It is not yet known what other steps Binance will take, but we will be watching.

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